June 12, 2024
Jason Diamond Quoted
By Dan Shaw
Jason Diamond, an executive vice president at the recruiting firm Diamond Consultants, said these large firms’ workplace divisions are just one way they have to usher new clients and assets into their wealth management businesses.
“This is helping your advisors via means that they couldn’t necessarily use on their own,” he said. “If you can feed them the CEOs of companies that you have the retirement business for, that’s great.”
What kind of wealth business to have?
Citi also has an advantage in having a well-established retail and commercial bank. Now Sieg and his fellow executives need to decide exactly what sort of wealth business they want to have, Diamond said.
Are they going for something closer to what the now-defunct First Republic Bank offered — specialized banking and advisory services meant mainly for affluent clients? Or, Diamond said, do they want to try to go head-to-head with firms like Merrill, which tend to work with clients of all wealth levels?
